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www.gk-kety.com.pl 2 Changed Disclosure of Flexpol in the Financial Statements 1.December 2003 – Kęty's first official document indicating our plans to dispose of Flexpol over the following 12 months. 2.Move from the full to equity-method consolidation of Flexpol in Kęty's accounts. 3.Effect on Kęty's 2003 and Q1 2004 accounts.

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www.gk-kety.com.pl 7 Aluminum Systems Stable domestic sales – up by 34%. Further growth of exports – over 27%. Enhanced leading position on the domestic market. Higher exports to the Czech Republic and Hungary. New products: fire-protection system used in public and general- purpose facilities.

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www.gk-kety.com.pl 16 Reasons for Disposal of Flexpol No operational synergies with the Kęty Group – only 3% of Flexpol's output is processed within the Kęty Group. High operating risk related to the operation of a single process line running at 100% capacity utilisation. Required significant capital expenditure on increasing the company's capacity, which is not in line with the Group's development strategy.

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www.gk-kety.com.pl 17 Transaction Description The total selling price of Flexpol and its assets will be PLN 50m, including PLN 32m for the assets leased from PKN Orlen, and PLN 18m for 100% of the company shares. Flexpol will pay PLN 3m dividend for 2003 to the existing shareholders. Conclusion of the final purchase agreement will depend on transaction's clearance by the Polish Anti-Trust and Consumer Protection Authority and the approval of the disposal of assets by PKN Orlen's General Meeting.